FinmaxFX review and test – Scam or not?
(4 / 5)
At the moment FinmaxFX is a fast-growing brand for Forex and CFD Trading. The company starts to advertise its offers for traders. In this review, we will give you a deeper look into this CFD and forex broker. In the next section, you will read about the conditions for traders and how it works to trade with this company. Is it really worth investing your money there? – Find it out in this review.
What is FinmaxFX? – The online broker presented
FinmaxFX is an international offshore online broker for trading currencies, commodities, and stocks. The brand is well known because there is another broker whose name is Finmax and is only for Binary Options trading. Both brands belong to one company. FinmaxFX was founded in 2019 and is a relatively new broker.
The Forex Broker is based in address Port Vila, Vanuatu, PO box 1276 and belongs to the company Max Capital Limited with registration number 41072. In addition, the company got different offices around the world and especially in Europe. As real forex and CFD broker FinmaxFX is one of the National Association of Forex Dealer’s initiators. In conclusion, FinmaxFX is a very new broker who tries to convince his clients with good offers and conditions. New tools and options to trade are added to the companies portfolio continuously.
Facts about the company:
- Founded in 2019
- FinmaxFX belongs to the company Max Capital Limited
- International offshore Forex Broker
- Based in Vanuatu
- Different offices for international support
(Risk Warning: Your capital is at risk)
Is FinmaxFX safe? – Regulation and security of customer funds
When it comes to online trading it is very important to invest with a trusted online broker. There should be regulation and official licenses for the financial markets. From our experience, most unregulated companies try to cheat on customers and want to make them lose money. Licensed brokers must abide by rules and regulations.
FinmaxFX is a very new company and already got 2 different regulations. The broker is regulated by IFMRRC and the VFSC (Financial Dealers Licensing). Due to my research and contact with the broker, there will be another regulation in the United Kingdom in the future. I will keep this page up to date. In addition, FinmaxFX manages the customer’s fund with European banks and regulated payment methods.
In conclusion, the broker is fully regulated and licensed. It is a very new company so there are might changes in the regulation in the future. With a licensed forex broker, fraud is normally excluded.
Facts about the regulation:
Which trading conditions are available for traders?
FinmaxFX offers trading with currencies, commodities, cryptocurrencies, stocks, metals, and indices on one platform. More than 500 different assets are available. There is the possibility to get a free demo account to practice or learn how to trade on the platform. For trading real money you have to deposit only 10$. The broker recommends depositing more than 250$ because they will not make any money from deposits under $ 250.
For trading the financial market maximum leverage of 1:200 is available. The spreads are variable and depending on the assets. From our experience, the spreads on some assets are lower than the spreads of other Forex Brokers but on some assets, the spreads are higher. In addition, the support is working 24/5 hours per week and you get access to webinars or account managers.
One advantage of the broker is the different account types for traders. If you deposit more than 250$ you get better support, education, and spreads. Also, withdrawals are without fees. In conclusion, FinmaxFX looks like a reliable broker for currency trading. They provide you the service which you need to trading successfully.
Facts about the conditions:
Test of the FinmaxFX trading platform
The trading platform is a trader’s most important tool. You have to get a correct and fast execution for your orders. Also, analysis and charting tools are necessary for successful making money on the financial markets. FinmaxFX offers the trading platform Metatrader 4/5 to get access to the markets. It is a worldwide well-known platform that is available on many brokers.
The platform can be used on any device. Mobile trading with the Metatrader app is possible. You only need one account for all devices. Choose the web browser, desktop, or smartphone. It is a freely customizable and user-friendly software for professional analysis. The most used form of analysis is technical analysis. In order to do that there is a huge range of indicators, drawing tools. Moreover, automatic trading is possible.
Facts of the Metatrader 4/5:
- Available for any device and one universal account
- One-click trading
- Userfriendly and customizable
- Free technical tools for analysis
Professional charting and analysis
Most traders are using fundamental or technical analysis for making decisions for their trades and investments. For fundamental and technical analysis the Forex Broker FinmaxFX offers a good education center. The MetaTrader 4/5 is very popular for all types of technical analysis. You can do multi charting and implement indicators.
Traders can develop their own chartbooks (templates) and if you got some program skills it is possible to develop automatic programs. Each indicator is customizable and you can implement and download new ones. Beginners and advanced traders should feel comfortable with this trading software because it offers all the functions you need for trading.
In conclusion, Metatrader is one of the best platforms worldwide for forex and CFD trading. Not without reason, this software is offered by many companies. You get a full portfolio of tools and you can customize the chart as you want.
Facts about the charting and analysis:
- Multi charting
- Customizable tools
- Free indicators
- Automatic trading
- Userfriendly for beginners and advanced traders
How to trade with FinmaxFX?
In this section, we will show you how to start trading with the Finmax FX broker. The advantage of derivates and currency trading is that you can go long or short on the markets. You just have to know in which direction you want to trade. Beginners should try it in the demo account with virtual money.
First of all, you do a forecast of the future market movement. Then you choose the position volume in the order mask (1 volume equals 100.000 units of the base currency). For proper risk management, you should use the stop loss and take profit. These are automatic market limits that are closing your trade on a certain price level. In order to make a profit, the market has to move in your direction.
Step by step guide:
- Make a forecast of the market movement
- Choose the order volume of the trade
- Set up a stop loss and take profit for managing your risk and profit
- Buy (long) or sell (short)
Open your a free trading account
The account opening process takes only a time of fewer than 5 minutes. You can start with your name, email, and phone number. After that, you get access to the account portal. FinmaxFX is a fully regulated Forex Broker so the company needs further information about your person before you can withdrawal your profits.
Before you start trading with real money we recommend verifying your account in order to get no problems before you do your withdrawal. The full verification of the account is done in less than 2 days from our experience.
Free and unlimited demo account
In addition, FinmaxFx is offering a free and unlimited demo account. This is an account with virtual money. So new customers can test the platform by themselves. Furthermore, it is a good way to practice trading and develop new strategies. For example, advanced traders can explore new markets and assets.
(Risk Warning: Your capital is at risk)
Get a better account type for your deposit
It is possible to get a higher account type depending on your deposit. You will see a picture of it below. The more you trade, the higher the broker’s profit. So you get a better service and lower spreads with a higher account type. Also, it is possible to get a free bonus for trading and there are no withdrawal fees.
What do you get with a higher account type?
- More webinars
- Lower spreads
- Account managers and analytics
- Trading signals
Review of the FinmaxFX deposit and withdrawal methods
For deposits and withdrawals, there are different payment methods available. FinmaxFX offers credit card, WebMoney, bank transfer, Qiwi, Skrill, or YandexMoney as payment method. For the deposit, there are no fees but for the withdrawal, there are some fees. The fees are depending on the account type. On some account types, you get free withdrawals.
The deposits are made instantly through some electronic methods. Sometimes the payment methods differ from your country. The duration of the bank wire depends on the bank. From my experience, the withdrawals are processed within 1 – 3 days. As a regulated forex broker, you can be sure that they withdrawal your profit.
FinmaxFx support and service for traders
The last point I want to check in this review is the support and service for traders. As mentioned before webinars are possible with FinmaxFX. The support is working 24/5 per week in different languages. The main customer base is coming from Europe, Russia, and Asia. Through my research, the broker wants to expand their offers to attract more clients.
The support is available as a phone, email, and chat for clients. In order to improve the skills of the traders, FinmaxFx is offering a huge education center for beginners and advanced traders. There you can learn new strategies, risk management, and more. From my experience, the broker knows how to support its traders to show them how to trade successfully.
Facts of the support:
- 24/5 phone, chat, email support
- Education center
- Account managers
Conclusion of the review: Is FinmaxFx legit?
In this review, we showed you the conditions for traders of FinmaxFX. It is an international forex dealer which accepts clients worldwide. You can trade more than 500 different assets on a reliable trading platform. The minimum deposit is very low and the broker got competitive spreads. In addition, you will get good support and education.
All in all, FinmaxFX is a legit online broker for trading the financial markets. It is a new company which will expand the offers for traders.
The advantages of FinmaxFX:
- Regulated offshore broker
- More than 500 assets
- Good supports (webinars, coaching)
- Account types
- Bonus program
If you search for a reliable offshore forex broker then you should choose FinmaxFX (4 / 5)
(Risk Warning: Your capital is at risk)